GBPUSD Weekly Forecast Aug 03 2020

B.Pound 56524

GBPUSD: Bullish, Tests Key Resistance.

The GBPUSD remains on the upside as long as 1.2730 support holds on a weekly closing basis. Resistance comes at 1.3100 levels, a halt is likely, but a break would open 1.3333 next, further upside, resistance stands at the 1.3550 levels.

On the downside, support comes at 1.2730 level ahead of 1.2515 level (main). Below 1.2515 faces corrective pullback threats to 1.2315 level where consolidation is likely above that level.

In conclusion: The GBPUSD sees upside threats above 1.2515/1.2730 levels in the medium-term forecast.

Support: 1.2730, 1.2515, 1.2315, 1.2075

Resistance: 1.3185, 1.3660, 1.3550, 1.4050

GBPUSD Weekly Forecast Aug 03 2020

Key/data events which may affect GBPUSD this week:

  • ISM Manufacturing PMI (Jul) on Monday at 14:00 GMT.
  • ISM Non-Manufacturing PMI (Jul) on Wednesday at 14:00 GMT.
  • BoE Interest Rate Decision (Jul) on Thursday at 06:00 GMT.
  • BoE Gov Bailey Speaks on Thursday at 11:30 GMT.
  • Initial Jobless Claims on Thursday at 12:30 GMT.
  • Nonfarm Payrolls (Jul) on Friday at 12:30 GMT.
  • Unemployment Rate (Jul) on Friday at 12:30 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS